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by Seth Parker on December 26th, 2018

Monero Analysis – Monero hodlers were all bad boys this year. No presents from the Santa here

Monero, very popular crypto but in the same time very week. Recently, traders tried the bitcoin style reversal but they failed miserably. We talked about this coin on the 26th of June and surprisingly, we were bullish. You know what? Our short-term view was right. What is more, in the same analysis we pointed an exact spot, when the sell signal will be triggered:

“The overall situation on the crypto market is not encouraging but seems like Monero is not bothered about that. Current price action gives quite high chances for a further rise and another test of the 153 USD.
Positive scenario will be denied when the price will break the lows from June.”

monero chart

After those words were written, the price tested the 153 USD three times. Checked. After that, the price declined and the Monero made a symmetric triangle pattern (black lines), second one on the daily chart by the way. Triangle resulted with the breakout to the downside, which led further to the breakout of the crucial green horizontal support. Price closing below the green line was an opening for a further slide, which made the Monero hodlers suffer. Long term lows around 40 USD were reached in the middle of December. Since that we do have a small bump but we should get there back pretty soon and I am absolutely confident about it.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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